Wales set to be Islamic Finance UK hub

A dedicated training programme on Islamic Finance has recently been launched in Wales.

The Lord Mayor of the City of London hosted the event at Mansion House in conjunction with the Islamic Banking & Finance Centre (IBFC-UK) and International Business Wales. The programme aims to assist financial organisations in acquiring and developing Islamic Finance skills and expertise.

The training programme was established in partnership with Islamic Banking & Finance Institute in Malaysia (IBFIM), Cardiff University’s Business School and Centre of Islam and IBFC-UK.

The collaboration is led by IBFC-UK whose headquarters are based in Cardiff. IBFC-UK has a client base of public and private banks, corporations, insurance companies and academic institutions.

Left to Right:
H E Datuk Abd Aziz Mohammed, High Commissioner of Malaysia to the United Kingdom and Northern Ireland
Roslan Abdul Razak, Director Education and Training, IBFIM
Akmal Hanuk, CEO and founder, IBFC-UK
Saleem Kidwai OBE, Chairman, IBFC-UK
Alderman Ian Luder, The Rt Hon The Lord Mayor of the City of London.

Chief Executive of IBFC-UK, Akmal Hanuk, said:
“The Islamic Finance Sector is expanding at an exponential rate and is now estimated to be worth $1.2 trillion globally and growing faster than any of the conventional banks, between 15-20%. This is due to its strong financial principles and ethical values, which prohibits the charging or paying of interest and encourages mutual risk and profit sharing between parties.
“We are pleased that this initiative is coming out of Wales, which will enhance its reputation as one of the leading centres of training, skills and development. It will not only offer a world class training platform for professionals in the financial services all across the UK and beyond, but will also actively encourage inward investment from the investments groups in the EMEA region.”

The Lord Mayor of the City of London, Alderman Ian Luder, pledged his support on the day and discussed with key financial figureheads from across Europe, including members of the House of Lords, Treasury, Chamber of Commerce and FSA, how Wales’ first Islamic Financial Programme for Professionals will be of a benefit to the whole of the UK economy.